Intuit (INTU) Stock: Will INTU Stock Stay Above $500 Mark? 

• Intuit Inc. announced its positive Q2-2023 consensus on August 24, 2023.
• INTU stock price lost 4.30% in the past week.
• INTU stock is trading at 508.24 with a gain of 1.00% during the intraday session.

Intuit stock witnessed a hike of 828% between 2010 and 2020. Intuit Inc. transformed itself from a traditional software manufacturer to a cloud and mobile-focused company. 

Now, due to OpenAI’s ChatGPT success in generative AI. The company entered this new era of AI in 2019. Goodarzi recognized the future potential of AI and declared at Intuit Investor Day 2019 that it would become an AI-driven expert platform. 

Intuit’s (INTU) stock price has dropped roughly 10% after attaining an annual high of $558.64. INTU stock lost 4.30% in the past week while trading at 508.24. The price is up $5.05 in the pre-market trading. Moreover, the current market capitalization is $142.43 Billion.

After releasing the Q1-2023 consensus, the INTU stock price surged about 13% and achieved an annual high. However, the bullish momentum did not sustain and was halted at the $558.64 resistance level. The sudden involvement of buyers challenged the seller’s dominance. As a result, the sellers shattered the price by nearly $500. 

Q2-2023 Consensus Of Intuit Inc.

Intuit Inc. released a positive 2nd quarter financial report on August 24, 2023, with 2nd quarter earnings of $1.65 per share, beating the Zacks Consensus estimate of $1.435 EPS by 15.01%. 

Meanwhile, the reported revenue was $2.71 Billion for the second quarter, surpassing the Zacks consensus estimate by 2.69%, whereas the estimated revenue was $2.64 Billion. However, the constructive quarterly report encouraged the buyers for further investment. 

Technical Indicators Desplays Slight Weekness.

INTU stock price has rejected the 20 and 50-day EMAs and is contesting for the 100-day EMA, showing a rise in the participation of bulls in the market. If the bullish involvement increases, the price might bounce back and retest the previous resistance level of $558.64. 

Moreover, the Relative Strength Index (RSI) is at 41.09, which denotes slight weakness in the market. However, the RSI has fallen recently due to the heavy involvement of sellers in the past 20 days. 

The CMF has hovered above the 0.00 mark since August 18, 2023, but currently, it is at -0.04, suggesting the INTU stock price has diverted from the prior uptrend trajectory.

Conclusion 

Intuit Inc. (NASDAQ: INTU) stock price has shifted downwards from the prior uptrend momentum. However, the price increased continuously for the last two quarters and even broke the $500 psychological level. 

Furthermore, the recent short-term pullback impacted the performance of INTU stock negatively. Investors should wait for the next move as the technical parameters suggest a neutral stance.

Technical Levels 

Major resistance: $558.64 and $514.14

Major support: $370.62 and $384.05

Disclaimer

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